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Post Revamps Its Credit and Variable Debt Rate

ATLANTA-The company closed a $320 million, three-year revolving line of credit and a $185 million, 364-day line of credit. The REIT secured a more favorable pricing level of 75 basis points over the London Interbank Offered Rate, five points under its existing rate.

By Judith Schonbak | Updated on January 16, 2001

ATLANTA- Post Properties Inc. is taking steps to get its financial house in order after a shaky year. The company closed a $320 million, three-year revolving line of credit and a $185 million, 364-day line of credit. The REIT secured a more favorable pricing level of 75 basis points over the London Interbank Offered Rate, five points under its existing rate.

The three-year line matures in April 2004 and replaces its previous line scheduled to mature in April 2003. A syndicate of 11 banks is providing the facility. Wachovia Securities, Inc. was the sole lead arranger for both lines of credit and is the administrative agent.

With the new credit agreement, Post will have the flexibility to buy back stock in a planned repurchase program. In a prepared statement, Post CFO R. Gregory Fox says Post will continue its plans to scale back annual development expenditures from about $400 million to $150 million to $250 million.

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